Prime Minister's Office
English rendering of PM’s Speech during his interaction with the beneficiaries of various Social Security schemes via NM App
These are the people who took wise decisions in time and prepared themselves for the every challenge of life. And I have full faith in this thing that the issues shared by them today will encourage millions and millions of people of the country. All of us know that one thing in life is extremely certain and it is that life is uncertain. None of us knows that what can be happened in the next moment, what tomorrow is going to bring to our lives. Social security schemes provide us the strength to deal with the uncertainties and situations of life and overcome them. And now this courage has reached to millions and millions of people of the country be it is Pradhan Mantri Jeevan Jyoti Bima Yojana or Pradhan Mantri Suraksha Bima Yojana or be it Atal Pension Scheme or Pradhan Mantri Vaya Vandana Yojna.
Social security schemes have been empowering the common people particularly the economically weaker sections of the society so that they can face the difficult times, so that they don’t end up losing the battle of life. At a time when we formed our government then poor people did not even have their bank accounts, the matter of getting any kind of financial support was very away.
We laid emphasis on three things: dalits, oppressed, exploited, deprived, tribals, women, to provide banking services to these unbanked people in order to empower these people; and to provide financial assistance to small scale industries and small businessmen; and also to provide financial security to financially insecure people. It means banking the unbanked, funding the unfunded and financially securing the unsecured.
And you people would be happy to note that the World Bank’s FinTax Report has described Pradhan Mantri Jan Dhan Yojana as a successful financial inclusion program under which 28 crores new bank accounts were opened in three years between 2014 to 2017. This figure is 55% of the total bank accounts opened in the entire world during the same period, it means more than half of the total. Earlier there was a saying in our country – Ek Baju Ram Aur Ek Baju Gaon – it means on the one hand India and on the other hand the entire world.
Besides this, the report also stated that the number of people having bank accounts in India, which was nearly 50-52% before our government was formed in 2014, that number has gone up beyond 80% in these three years. And especially the number of women bank account holders has gone up. This issue has been discussed for years that there are provisions for social security in several countries of the world but it is not there in India.
When we formed the government then situation was like this only. The common man of the country was deprived of the social security. It is true that India traditionally had the joint family system. When 20-25 or up to 30 people used to live together in one family then that social structure itself used to ensure social security. However, the size of family is shrinking, old parents stay separately and children live separately. The social system has been changing.
In order to bring about change in this situation, in order to provide security cover in this new situation, today an insurance facility is being provided as Life Cover, Rupay Card and Accident Cover under the Prime Minister Jan Dhan Scheme. In addition to this,a pension scheme and two insurance schemes have also been started as social security schemes.
And as a result of this the number of subscribers of government insurance scheme which was 4.8 crore or less than 5 crore in 2014, today, the same number has gone up by 10 times under the social security scheme and nearly 50 crore subscribers are there.
These schemes started under social security programs, are aimed at different situations. And they have been launched at a very low premium so that people of every section, every region, people of every age group in country can take advantage of these schemes.
Today, I am going to talk to those people, I know that these schemes are such that they are related with grief and pain, these are related to a painful grief, however, those people who have faced difficult situations, those who have passed through difficult times and how these schemes have helped them when the poor people, ordinary people of our country will hear about their experiences then they will also be encouraged and they will feel that they too should take advantage of these schemes. And therefore….it is also painful to revisit those painful moments again and again, however, if somebody has received some kind of help in that difficult time and if other people hear about that experience then they can also find ways to protect them from difficulties in future.
My dear countrymen, you people would have noticed this thing that all of us feel pain after listening about these losses, because nobody can compensate any family for the loss of a member, even God himself can’t compensate the loss, however, if that family receives some financial support during this difficult time, if they find something to hold on to then they are able to come back on the track. And the Prime Minister’s Jeevan Jyoti Bima Scheme has been launched with this aim.
Under this scheme…I feel that my countrymen should realise that a life insurance cover of Rs. 2 lakh in just Rs. 330. Rs. 330 for a year, it means it is less than one rupee per day. Today, you can’t find anything in market for such a small amount. They should try to understand that how can they take advantage of this scheme. More than 5.5 crore people have taken advantage of this scheme. And claims worth crores of rupees have already been disbursed under the scheme. Some people are with us…let us go across to them, let us hear their experiences.
All of us realise that the tragedy never forewarns you, crisis never warns anyone before it strikes. And it is not like that if you are rich then tragedy will strike you and it will not strike you if you are poor.Nor is it like that tragedy will strike you if you are a poor but it will not strike you if you are a rich person. It is not like that either.A tragedy can strike you anywhere. However, we can prepare ourselves to face these difficulties.We can ensure our financial safety.
Pradhan Mantri Suraksha Bima Yojana was started with this goal only. Under this scheme an accidental cover of Rs. 2 lakh is provided for Rs. 12 per year, it means for a premium of Rs. 1 per month. Nearly 13-14 crore people have adopted this scheme so far. If we look at the population of Mexico or Japan then the number of people having this coverage is more than the population of those countries. Such a vast coverage and such large number of people joining this scheme in such a short span of time reflect that people have become aware about insurance and its benefits.
If some tragedy happens with a man then his entire family faces a massive challenge. All the dreams are shattered. Even if someone has planned that we will do this thing in the next year; we will do that thing in the next three years; all these things remain unfulfilled. Despite that, it has been common experience that people continue to neglect insurance. Sometimes they say like this: ‘We will buy insurance. It will be done. We have a lot of time. What is the need for insurance?’ And today the entire country is watching this thing and I wish that this kind of thinking with regard to insurance will change. More and more people should join the social security schemes.
A few years ago, a daily wage earner never used to think about the insurance and it was due to the money required for paying the insurance premium. This kind of dilemma was always there that whether he should spend his money for meeting the current requirements or for securing his future. The people like vegetable vendors, auto rickshaw drivers or daily wage earners or those who manage their lives by doing some other small work, it would have been impossible for them to even think about insurance.
Today, this impossible thing has been made possible. And it has been made possible for our dalits, for our persecuted and exploited people, for our deprived and poor people and for our sisters and daughters. The facility of life insurance has been provided to people for payment of just one rupee per month. Now the safety cover of an insurance scheme has also been added to the lives of a section of the society that has been living their life at the mercy of god. Let us talk to some more people.
Look, old age is an important period of life. There was a time when for several things we were dependent on others. Pension facility was conceived with this aim only so that we should be financially self-dependent at that age. May we continue to receive the blessings of our elders and may we continue to work for the progress of the country due to the blessings of our elders. This government is committed for senior citizens and that is why this government has done the work of making their lives easier fromthe financial issues to their health issues.
The government has formulated several schemes and policies in the last four years by taking into the account the seriousness of the problems related with the old age. Last year, the government has started Pradhan Mantri Vaya Vandana Scheme. Under this scheme, a guaranteed return of 8% per cent is paid for 10 years to the people over the age of 60 years. Ups and downs in the interest rate are not allowed to affect the returns under the scheme.
If the returns are less than 8% then the government’s exchequer provides for the difference. Under this scheme, senior citizens can opt for monthly, quarterly, half yearly and yearly return. Under this scheme, senior citizens can invest up to Rs. 15 lakh. More than 3 lakh people are taking advantage of this scheme so far. In addition to this, the government has been giving senior citizens the benefits of tax incentives. Tax exemption limit for senior citizens have been increased from Rs. 2.5 lakh to Rs. 3 lakh a year. Besides this, the ceiling on the deduction of interest income has been increased from Rs. 10,000 to Rs. 50,000. It means, the interest earning of up to Rs. 50,000 on their deposits has been exempted from tax payment.
Similarly, what are the benefits of all the initiatives that have been taken for senior citizens? If we look at these things as per the numbers then for example a senior citizen who has an annual income of Rs. 5 lakh back in 2013-14 before our government was formed then he was required to pay a tax of nearly Rs. 13,000 or Rs. 13,500, or nearly Rs. 13,390. However, after formation of our government we have changed the entire formula.
In 2018-19, it has come down to just Rs. 2,600. It means earlier it was more than Rs. 13,000 and now it is just Rs. 2,600. It means that now it is just one third. It is such a huge change. Not only on the financial issues, but the government has also worked in a planned manner with regard to the issues related to senior citizens and their welfare.
We all are aware that health related problems start troubling people with the onset of old age. The expenditure on treatment and medicines goes up. Jan Aushadhi scheme has been started while keeping this thing in mind so that medicines can be provided at affordable prices. Similarly, the price of stents has been reduced. The cost of knee transplant has also come down in comparison with the earlier period.
Earlier senior citizens were required to present themselves in an office to prove that they were alive. However, now the facility of Jeevan Praman has been started to make it easier. We are making every effort to provide different facilities to senior citizens in an easy and convenient manner that are available near them so that they don’t have to run around here and there, so that they stay healthy and can lead their lives with self-respect. We have worked in the direction of ensuring this thing.
They should not be dependent on anybody in their old age and their life should be full of dignity. And they should continue to get a certain amount as pension; the government has started Atal Pension Scheme in order to ensure this thing. There are more than one crore subscribers under this scheme and out of these nearly 40% are women like our sister Archna. An amount of Rs. 4,000 has been deposited under this scheme.
If we take a holistic view then in the last 3 years nearly 20 crore people have been brought under the coverage of safety and insurance through Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Yojana and Atal Pension Scheme. And 52% of the beneficiaries, more than half of them, are from our villages, they are from our rural areas.
Every scheme has two fundamental pillars behind it – first everybody should get the insurance coverage and he should get it for the lowest premium so that the poorest of the poor person can take advantage of it. Our government is sensitive towards the poor people, it lays emphasis on the welfare of poor people and it has been consistently working to empower them.
We just heard it from the beneficiaries of different schemes that how they and their families got financial support during the difficult time, how they got a support.
I believe that their stories are a source of inspiration for all of us. It shows that how important insurance coverage is for all of us. I appeal to all of you that you people should take advantage of these insurance schemes and if there is someone around you, if there is someone in your office then you should also inform them about these schemes and encourage them to take advantage of these schemes.
All the beneficiaries who are present here, you people are live examples of the utility of these schemes and I appeal to all of you that you should encourage the people around you for these things. I would like to inform you that you can enroll yourself in Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana in bank or post office; you can register yourself.
You can enroll yourself in Atal Pension Scheme by visiting any bank branch. And for Pradhan Mantri Vaya Vandana Yojana, you can take benefit of this scheme by visiting any LIC office across the country.
I would like to tell you one more thing. What kind of schemes are there for senior citizens so that they can lead their life with dignity. There are schemes for this purpose. However, senior citizens of our country are dignified people, they provide a lot of inspiration. May be you people are not aware about this thing as it has not been discussed outside. When I have appealed to the people of the country from the rampart of the Red Fort that why you people need gas subsidy. You should give it up. And one crore twenty five lakh people of the country gave up the gas subsidy.
At present our senior citizens get some relief for buying railway tickets. However, the railways has added this thing in its form: ‘do you want to give up your subsidy? Do you want to pay the entire amount for your ticket?’
All of us will take pride in this thing that lakhs of senior citizens of our country who could have availed this benefit, they came forward and they refused to avail the subsidy for the rail ticket, they paid the full amount for their journey. This thing has not been publicly advertised, nor an appeal was made nor have I ever discussed this thing. It was just stated on the form and our senior citizens who lead a dignified life they made such a huge sacrifice. It’s not small news for the country.
And when the people of our country do a lot of things like this, when my senior citizens do these things then all of us too feel like doing something or some other thing, something good every day for you people. Please come forward so that we can continue to work for the welfare of the poor people of our country, so that the welfare of our mothers and sisters can be ensured, so that our senior citizens, very senior citizens, all the respected people can get an opportunity to lead a dignified life. Once again I express my sincere gratitude to all of you.
Thank you.